A debt of $1908 with interest at 6.3% compounded annually is to be repaid by equal payments at the end of each year for 4 years. What is the balance remaining (BAL) after the second payment? What is the principal repaid (PRN) in the second payment? What is the interest paid (INT) in the second payment?

Accounting Information Systems
11th Edition
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Chapter13: The Accounts Payable/cash Disbursements (ap/cd) Process
Section: Chapter Questions
Problem 12RQ
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A debt of $1908 with interest at 6.3% compounded annually is to be repaid by equal payments at the end of each year for 4 years.

What is the balance remaining (BAL) after the second payment?

What is the principal repaid (PRN) in the second payment?

What is the interest paid (INT) in the second payment?

 

Payment
Number
PMT
INT
PRN
BAL
1908
?
ТОTAL
Transcribed Image Text:Payment Number PMT INT PRN BAL 1908 ? ТОTAL
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